oexter The Greenbrier Companies GBX GBX US Ken Hoexter World Fuel Services INT INT US Ken Hoexter UNDERPERFORM C.H. Robinson CHRW CHRW US Ken Hoexter Canadian National CNI CNIUS Ken Hoexter Kirby Corp KEX KEX US Ken Hoexter Old Dominion Freight Line ODFL ODFL US Ariel Rosa Seaspan Corp SSW SSW US Ken Hoexter Teekay

ansportation companies with initiation of coverage of the Canadian railroad industry. We are positive on Canadian Pacific (CP. Buy) and cautious on Canadian National (CNI, Sell), as we see overall market share and earnings trajectory driving a reversal in recent relative value trends. All told we forecast CP to

ansportation companies with initiation of coverage of the Canadian railroad industry. We are positive on Canadian Pacific (CP, Buy) and cautious on Canadian National (CNI, Sell), as we see overall market share and earnings trajectory driving a reversal in recent relative value trends. All told we forecast CP to

ansportation companies with initiation of coverage of the Canadian railroad industry. We are positive on Canadian Pacific (CP, Buy) and cautious on Canadian National (CNI, Sell), as we see overall market share and earnings trajectory driving a reversal in recent relative value trends. All told we forecast CP to

er complete government subsidy until completing its initial public offering in November 1995. Following its IPO the company, which was rebranded as Canadian National (CN), remained acquisitive and completed an aggressive rationalization of its network. In 1998 CN purchased Illinois Central Railroad for $2.4 bill

CEO and President of CP in January 2017 after the departure of Hunter Harrison • Previously, Keith served as Executive Vice President and COO of Canadian National after joining the company in 1999 through the company's merger with Illinois Central Railroad Keith began his career in railroading in 1992 at 8NSF

31 October 2017 Railroads Canadian Rails Model updated: 2$ & 4r 07 2017 Punning !Or numbing Nodh America Canada Railroads Canadian National Reuters: CNI.N Bloomberg: CNI US Sell Price (30 Oct 17) USD 81.21 Target Price USD 73.00 52 Week range USD 61.95 -83 85 Market cap (m) USD

on Knight Transportation (KNX), XPO Logistics (XPO) and CSX Corp (CSX). We remain comfortable with our sole-Sell ratings on Old Dominion (ODFL) and Canadian National (CNI), while our Buy on UPS was wrong and we are using this report to downgrade our rating to Hold. Our company-specific thoughts are below, and se

on Knight Transportation (KNX), XPO Logistics (XPO) and CSX Corp (CSX). We remain comfortable with our sole-Sell ratings on Old Dominion (ODFL) and Canadian National (CNI), while our Buy on UPS was wrong and we are using this report to downgrade our rating to Hold and lower our price target to $115. Our company-